SB534 Alabama 2010 Session

This bill would create the Department of Insurance Transparency Act

This bill would require insurance companies transacting business in the state to provide policy and premium information to the Department of Insurance

This bill would require the department to provide on the department website aggregate data of the number of homeowner’s insurance policies and the total dollar amount of premiums collected and claims pending or paid representing the total of every insurance company doing business in Alabama

This bill would also require the department to post on the department website a comprehensive description of the actuarial model used by the department for homeowner’s risk and other related data

Creating the Department of Insurance Transparency Act; to require insurance companies transacting business in the state to provide policy and premium information to the department; to require the department to provide on the department website aggregate data of the number of homeowner’s insurance policies and the total dollar amount of premiums collected and claims pending or paid representing the total of every insurance company doing business in the state; to require the department to post on the department website a comprehensive description of the actuarial model used by the department for homeowner’s risk and other related data; and to provide penalties for insurance company noncompliance.